Bitcoin could hit $ 50,000 again after claiming $ 49,000 on the market rally

After 5 weeks longer sell-outThe crypto market is starting to rebound, with Bitcoin seeing its biggest jump in price since ATH in November.

In the last 48 hours, Bitcoin rose more than 7% as major markets rebounded. During the rally, Bitcoin formed a base above $ 46,500 before rising to a multi-day high of $ 49,876.32.

After Bitcoin hit an intraday high of over $ 49.8k, Bitcoin consolidated at $ 48,700. Bitcoin is currently trading at $ 48,691 at press time and has a market cap of $ 918.95 billion.

As Bitcoin reforms support near $ 48,750 while trading above $ 49,200, the cryptocurrency is showing many positive signs. Additionally, the current price of Bitcoin is above the 76.4% Fib retracement level.

In the short term, Bitcoin is attempting to break above $ 49,600 before testing the next major resistance at $ 50,000. In addition, Bitcoin is likely to test $ 50,000 again in the coming hours with sustained upward momentum.

Conversely, if Bitcoin fails to break the $ 50,000 resistance area, its main support will be at $ 49,000 before moving towards the $ 48,500 support. As it stands, an uptrend seems like the more likely outcome for Bitcoin.

Bitcoin continues to show resilience to major slumps and former Twitter CEO Jack Dorsey believes it will help Assets that will replace the US dollar in the future.